The members of the newly created Arab Business Council (ABC) of the World Economic Forum (WEF) ratified a new blueprint for economic reforms across the 22 nations in the regional grouping.

The new ABC document focuses on three vital areas of the economy – economic liberalization and reforms, governance and human resource development, according to a press release. All three of the action platforms are aimed at working together to help the Arab region take its rightful place in the fast evolving global economy.

Comprised of over 100 business leaders from the Arab World, ABC was created at WEF's Extraordinary Annual Meeting held in Jordan last June to take action on the key issues of the region: the enhancement of regional competitiveness, the economic integration of the region in the global economy and a commitment to engage the leaders of the private sector to work in partnership with their governments to carry out needed reforms.

“The new agenda of the ABC calls for an Arab Renaissance and the newly ratified blueprint for action is an excellent instrument for the private sector to engage regional governments and civil society leaders,” said Chairman of the Executive Committee of the Council, Shafik Gabr.

The special ABC meeting took place on the sidelines of the WEF Annual Meeting 2004 in Davos, Switzerland. WEF is an independent international organization committed to improving the state of the world. The Forum provides a collaborative framework for the world's leaders to address global issues, engaging particularly its corporate members in global citizenship. — (menareport.com)